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XRP Ledger Sees Surge in Daily Payment Volume, Reaches 2 Million Transactions
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During the first quarter of 2024, the XRP Ledger (XRPL) experienced significant progress, as outlined in a recent Messari report. The decentralized public blockchain, facilitating XRP transfers and other digital assets, demonstrated remarkable activity.
XRP Maintains Market Position with Deflationary Mechanism: Insights and Trends
XRP, the native token of XRPL, maintained its position as the sixth largest cryptocurrency by market capitalization, reaching $34.1 billion. Despite a minor price decrease, the circulating market cap of XRP saw a 1.3% increase quarter-over-quarter (QoQ). The XRPL implements a deflationary mechanism through systematic burning of transaction fees, exerting downward pressure on the total supply of XRP.
Rising Transaction Volume and Inscription Activities Drive XRPL Growth
The low burn rate during Q1 was attributed to relatively low transaction fees, with XRP transactions costing less than $0.002 each. However, the XRPL witnessed a surge in daily payment volume, reaching 2 million transactions, a 350% increase QoQ. This growth was fueled by inscription-related activities, with over 30 million transactions sent to a single account by approximately 45,000 accounts.
XRPL 2 million daily payment rate during Q1. Source:Messari
XRP Ledger Surges: Growth in Active Addresses, Transactions, and New Accounts
Network activity showed significant growth, with active addresses and transactions increasing by 37% and 113% QoQ, respectively. The XRP Ledger also saw a net increase of 150,000 accounts, driving the total number of accounts up by 3.1% to 5.15 million in Q1. However, new addresses decreased by 12.4% QoQ, primarily due to the high number of addresses created in Q4, coinciding with the inception of inscription activity.
As of press time, XRP is valued at $0.5279, reflecting a 2.5% decrease in the past 24 hours and a 3.5% decrease in the past seven days, in line with broader market trends.
The XRP Ledger witnessed significant growth during Q1 2024, with increased transaction volume, network activity, and account growth. Despite a decrease in new addresses, the surge in daily payment volume underscores the growing adoption and utility of XRP within the blockchain ecosystem.
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